what are my chances

Hey all,

I think I know the answer but what the he!! I found 18 properties from a guy who wants out. 16 are SFR rentals and there are 2 duplexes. He refinanced two years ago at a 75% LTV. I’m sure the properties have gone up a little bit in value and he would take his current balance owed and a little bit more to get out of them. A classic case of a long distance landlord that has just had enough. He lives in FL and the properties are here in WI. He’s owned them for 8-12 years.

Anyways I would imagine the bank would have to have some skin in the game to make this deal work correct? He owes 920K for all the properties. What do lenders like to see for a DP on this type of deal? Do ya think it would be treated as a residential package or commercial? I’m gonna try my hand at birddogging these but if I had the money to make it work I would entertain it myself. Any thoughts.


Find out who he has the mortgages parked with. You may be able to assume the mortgages.

I know what bank they are with. I discussed that option with him. He has a 5 yr arm at 5.75% with 2 yrs remaining. He told me that he would go to this banker with me so that HE could put some heat on his loan officer to get a deal done. The seller even told me that he is thinking about letting 3 of the SFR’s to go back to the bank cause he’s sick of them. He gave me any info I asked of him and was very cooperative. He gave me rent rolls, maint, tax records, pics of each property, etc. I went thru all the props on Friday. I was suprised that they were in decent shape. Some of them are worth the price of sticking money in them and outright selling them instead of rentals. The last thing he told me was for me to provide him with options. He does want more than what his mort. is worth (who doesn’t).



If your local banks cant get this done let us know. A mortgage consultant may be able to get these done using a combination of lenders that we broker to.

Would have to use lenders that dont have acquisition pace restriction or total # of properties limit.

Hope it works out.